In the Workshop: My most used tool.
I love my Dremel. I really, really love it. Besides my trusty hammer and my anvil, the Dremel is my most often used tool.
I make a LOT of hair pins, and each one is hammered by hand, shaped, and then sanded with...you guessed it! My trusty Dremel. I have coarse grit sanding bits and a split mandrel with various grit sandpaper that I use to get a smooth finish on my pieces.
I'm a bare bones, make do kind of jewelry maker while I grow my business, and have not bucked up the money for a Foredom yet.
The variable speeds on this unit are wonderful, because slower speeds are desired sometimes for polishing or cutting uses. Running a cheap unit on high speed with a "pinkie" on a bezel wouldn't work very well!
Here's a link to the unit I purchased a few years ago.
*affiliate link - it won't cost you any more but I will make a small commission if you purchase.